Mapfre converts 1 bln eur credit line into sustainable loan

Reuters Staff

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LONDON, Feb 26 (Reuters) - Spanish insurer Mapfre said on Monday it had converted a 1 billion euro ($1.23 billion) syndicated credit line into a loan that charges a lower interest rate if the company improves its corporate sustainability.

The deal, negotiated with a group of banks, with Santander, BBVA, Bankinter, Sabadell and Bankia acting as bookrunners, marks the first time an insurer had structured such a loan for general corporate purposes, Mapfre said in a statement.

“Mapfre reaffirms its commitment to sustainability in all areas of the organization and strengthens its position as a company that is committed to social responsibility,” it said.